Imagine IM Cash Placement
Sydney, Feb 21, 2017 AEST (ABN Newswire) - Imagine Intelligent Materials Pty Ltd, (Imagine IM), has announced that it successfully raised $2M cash before costs in a private placement by issuing 1,333,333 new shares at $1.50 cash per share.
Pacific American Coal Limited (PAK) owns 1,617,099 shares in Imagine IM and PAK's significant shareholding remains unchanged, but now represents 30% of Imagine IM's $2M higher capital value.
Imagine IM is focused on developing conductive coatings and sensing technologies for industrial textiles.
PAK is delighted Imagine IM's recent $2M cash raising brings another major supportive shareholder to the Imagine IM register. The welcome injection of new capital enables Imagine IM to optimise its "Plant-In-A-Box " technology into a licensable "turn-key" project.
PAK has a good investment position in Imagine IM and is happy to have a smaller piece of a larger pie.
Rather than becoming more committed to Imagine IM, PAK allowed itself to be diluted back while new, incoming parties carry the ball through the next phase of process optimisation and the establishment of production facilities.
Imagine IM remains a valuable investment.
PAK continues to focus funds on its exciting Hard Coking Coal "Elko" Project in British Columbia, where we intend to deliver on our plans for a mid-2017 drilling program and completion of a scoping study.
The opportunities and strengths of PAK's asset portfolio are exciting, in particular pushing forward development of the Elko Project for international coal markets.
About Pacific American Coal Ltd
Pacific American Coal Ltd (ASX:PAK) is focused on the production, development and exploration of metallurgical coal assets in North America. The Company's strategic focus is on the 100% owned Elko hard coking coal project in British Columbia and its investments in technological advanced opportunities. PAK has 100% ownership in a total of 6 Coal Leases in the East Kootenay Coal Field in British Columbia - Canada and tenements in application in low volatile bituminous region of the Arkoma coal basin in Oklahoma.
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